非对称降息减少房企上市公司利息支出30亿元

Asymmetric enterprises listed companies to cut interest rates reduce room interest costs 3 billion yuan

内地地产板块昨日走势 The mainland property plate movements yesterday

　　昨日，房地产板块高位震荡，午后又走出一波快速上涨行情。直至收盘，该板块涨3.05%，位居涨幅榜前列。其中，合肥城建(002208,股吧)、宋都股份、大名城(600094,股吧)三股涨停；金宇车城(000803,股吧)、创兴资源(600193,股吧)、海德股份(000567,股吧)涨幅超过7%。但多家研报认为，市场总是在过分悲观和过分乐观之间震荡，下半年地产股获取绝对收益的空间已经大为减少。

yesterday，The housing sector high volatility，Afternoon a wave out of a rapid rise in prices。Until closing，The plate rose 3.05%，Or list in front。Among them，Hefei city building(002208,Shares it)、SongDou shares、Big city(600094,Shares it)Three strands of harden；JinYu cities(000803,Shares it)、Hing resources(600193,Shares it)、Hyde shares(000567,Shares it)Rose more than 7%。But several research report said，The market is always too pessimistic and overly optimistic between concussion，The second half for the space of the income property counters were absolutely has been greatly reduced。

　　前晚，中国人民银行宣布降息。这对于严重依赖银行贷款生存和发展的房地产企业来说，无疑是重大利好。地产板块昨天涨幅高达3.05%，全天领涨大盘。

The night before last，The people's bank of China announced to cut interest rates。This serious on bank lending to the survival and development of real estate enterprise for example，Undoubtedly is big gains。Real estate sector rose as high as 3.05% yesterday，Bring up the day。

　　实际上从周四开始，A股市场的地产股就已经在提前反应当晚的这个利好消息，当天万科突然异动，逆市大涨3.45%，而保利地产(600048,股吧)也在上涨1.83%后，创出近期新高。

Actually starting Thursday，The A share market property counters were has been in advance of the night of the good news this reaction，Vanke, the sudden transfer，Inverse city rose 3.45%，And poly real estate(600048,Shares it)After a rise in 1.83%，Making recent highs。

　　与上次降息相比，此次降息后地产股的表现明显强势。其中地产龙头万科昨天高开高走，全天维持震荡向上态势，最终以全天最高价9.65元收盘。而上次降息第二天，万科早盘以涨停开盘后快速回落，下午尾盘涨幅已跌到不足5%，且全天始终被分时均线压制，先后冲了三次，均以失败告终，由于早盘涨幅过大，全天呈单边下跌走势。

Compared with the last cut interest rates，After the fed property counters were performances of strong。One leading real estate vanke leave high to go high yesterday，Maintain concussion up throughout the state，Finally to top all closed at 9.65 yuan。The last time the next day and cut interest rates，China vanke early trays to harden after opening fell back quickly，Afternoon end dish increase has dropped to less than 5%，And all day is always points are pressing line，Successively blunt three times，Failed，Because earlier or too big，A single day down trend。

　　近日，各大房企纷纷公布上半年销售数据。结合CRIC研究中心发布的《2012上半年房企销售TOP50》排行榜以及目前部分房企已公布的上半年销售数据统计显示，50强房企上半年销售金额超过6500亿元。据记者了解，多家房企上半年销售业绩达全年目标的50%以上，中海更是在5月底就完成了全年销售目标的6成以上。

recently，The big room in first half sales data released enterprises。Combined with CRIC research center release《The first half of 2012 room enterprises TOP50 sales》And the list of enterprises have released in the first half of the room sales data statistics show，In the first half of the top 50 room enterprises sales of more than 650 billion yuan。According to the reporter understands，Several room in the first half year of high sales target of more than 50%，China is in the end of may is completed the annual sales of more than 6 into goals。

房企资金压力得到缓解 House financial pressure ease enterprises

　　降息能令房地产开发商的资金成本降低，尽管短期来看，一次降息对其资金成本的影响还很有限，但通过多次降息，开发商的资金压力已得到一定程度的缓解，而且对未来资金成本将下降的预期也更加明确。以wind房地产板块121家上市公司的负债情况简单测算，本次降息预计可减少房地产板块上市公司利息支出约30亿元，提高上市公司平均整体收益每股约0.03元。因此本次降息地产板块表现强于上次也就不足为奇了。

Rate cuts can make real estate developers of the capital cost reduced，Despite the short term，A cut of funds the influence of cost is still very limited，But through many times to cut interest rates，Developers financial pressure has been a certain degree of ease，And for the future cost of capital will decline expected more clear。The real estate sector in wind 121 listed company's liabilities of the simple measure，The rate cuts are expected to reduce the listed company real estate sector interest costs about 3 billion dollars，Improve the listed company average overall earnings about 0.03 yuan。So the real estate sector performed better than last time cut interest rates is not surprising。

　　东北证券(000686,股吧)最新研报认为，本次降息可以增加房地产行业上市公司的整体净利润1.36%左右(考虑税收影响)。降息无论对购房者的心理预期，还是对购房者购房成本的降低都是有利的，同时能够降低开发商的财务费用。从6月7日降息后房地产市场成交持续温和放量上看，降息对房地产市场和地产股均形成利好。

Northeast securities(000686,Shares it)The latest research report said，The rate cuts can increase of the listed company of real estate industry overall net profit of about 1.36%(Consider the tax impact)。No matter to the person that buy a house to cut interest rates expected，To the person that buy a house or purchase cost reduction is favorable，At the same time could reduce the financial cost to developers。From June 7, the real estate market to cut interest rates to clinch a deal continues to moderate the rare to see，Cut to the real estate market and are good property counters were formed。

增持刚需占比重和价值低估股 Just need to take the proportion of the value and undervalued shares

　　申万的地产行业分析师李虹称，降息对地产行业来说，应该算是一种有向上支撑力量的催化剂，但鉴于政府的态度，建议客户在降息这个“催化剂”出来后，将地产股逢高出货。

"The real estate industry analysts all LiHong says，For real estate industry to cut interest rates，Should be a kind of has up support strength of catalysts，But given the government's attitude，Customers are suggested this cut interest rates“catalyst”out，Will meet with property above goods。

　　多数分析人士同时提到，上半年支撑地产股上涨的逻辑清晰、明确，即政策和市场的双给力，但下半年影响地产股走势的多空因素将会交织在一起，地产股持续上涨的动力已明显低于上半年。多家研报认为，市场总是在过分悲观和过分乐观之间震荡，下半年地产股获取绝对收益的空间已经大为减少，

Most analysts also noted，In the first half of the rising property counters were supporting logic is clear、clear，That is the double of policy and market to force，But the second half of the trend more empty property counters were influence factors will blend together，Property counters were rising power have significantly lower than that of the first half。Several research report said，The market is always too pessimistic and overly optimistic between concussion，The second half for the space of the income property counters were absolutely has been greatly reduced，

　　从有利的方面看，在降息和地方政策宽松的政策背景下，房地产市场成交持续回暖应该可期。但是，在房地产市场成交回暖的情况下，房价也早已开始触底回升了，而政府是绝不可能容忍房价再度出现大幅上涨的局面的，不确定的因素就是宏观调控的政策何时会发生变化。

From the positive aspects to see，In the interest rate cuts and local policy loose policy background，The real estate market to clinch a deal can be sustained progress.)。but，In the real estate market clinch a deal warmer，House prices have already started to hit bottom pick up，And the government is never tolerate house prices rose sharply again of the situation，Not sure factor is the macroeconomic regulation and control policy when there will be changes。

　　中投证券建议继续增持刚需占比重的万科、招地、保利、中南建设(000961,股吧)、环球、北京城建(600266,股吧)，价值依然严重低估的亿城、首开、华发、世茂，以及轻资产服务商世联。（杨欣）

Advice to continue increasing bank securities to just the proportion of vanke、Recruit to、poly、Zhongnan construction(000961,Shares it)、universal、The Beijing urban construction(600266,Shares it)，Still severely underestimated the value of the hundred million city、First open、huafa、shimao，And the league asset light service providers。（YangXin）